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Part F of CAMA and its Implication for Nigerian Nonprofits (January, 2019)

Part F of CAMA and its Implication for Nigerian Nonprofits (January, 2019)

Corporate entities and nonprofit organizations in Nigeria and beyond have continued to support and engage in charitable causes, which have met the yearnings and aspirations of individuals, groups and the society at large. In carrying out these charitable activities there are regulations nonprofits need to adhere to in order to ensure smooth operations within their organisations.

 

One of such regulations is the repealed and enacted Part C of Companies Allied Matters Act (CAMA), now referred to as Part F of CAMA, in the newly released amended version by the Senate of the Federal Republic of Nigeria in May 2018; the Companies and Allied Matters Act is a regulatory manual on how NGOs should be established and run. The Part C, now part F, provides for incorporated trustees.

 

It was the determination of the Nigerian Federal Government to reform the law regulating the affairs of companies and its administration in Nigeria that led to the promulgation of the CAMA and established the Corporate Affairs Commission.

 

Nonprofit charitable organizations are governed by Board of Directors (sometimes called Trustees); the Part F helps explain processes to incorporating trusteeship, file annual returns, common seal, preservation of accounting records, developing an organisational constitution and other regulations which aids the smooth running of nonprofits.

 

The implications shown from the new amended Part F is that it seeks to establish an efficient way of registering an organisation with ease, minimizing compliance burden of nonprofits as well as small and medium enterprises (SMEs) to bring Nigeria’s foremost commercial law in line with international best practices.

Further Reading
http://www.mondaq.com/Nigeria/x/753410/Corporate+Commercial+Law/The+Companies+And+Allied+Matters+Bill+2018+Implications+For+Businesses+In+Nigeria

This publication has been produced with the support of the Commonwealth Foundation. The contents of this publication are the sole responsibility of NNNGO and should in no way be taken to reflect the views of the Commonwealth Foundation.

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